Financial & Banking

In January - December 2017, the balance-of-payments current account posted a deficit of EUR 6,464 million, compared with EUR 3,498 million in January – December 2016; the deficit on trade in goods and that on primary income ...

The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, Board ...

Zentiva N.V. is initiating, between 20.02.2018 – 05.04.2018, a public offering for the acquisition of all the shares outstanding of the company Zentiva S.A. (former S.C. Sicomed S.A. – Medicine Plant) which are not held by it and by the persons acting in concert, namely a number of 76.377.607 shares, accounting for 18.32% of the company’s share capital, the company says în a press release sent to ACTMedia.
BRD – ...

Certified Financial Analysts – CFA expect this year that the exchange rate pass the threshold of 4.7 lei/euro, the ROBOR indicator for three month to get up to 3% and inflation in the next 12 months to grow to 3.7%, shows a survey published on Monday by CFA Romania.
‘In January 2018 the indicator for macroeconomic trust of CFA Romania increased by 5 points to the value of 46 points. This evolution was due to the anticipations on the ...

The authorities did not take visible steps in implementing a European directive which refers to the use of the financial system for money laundering or terrorism financing, says a press release of the EY published on last Monday.‘The Directive (EU) 2015/849 regarding the prevention of the use of the financial system for money laundering or the financing of terrorism (AMLD) has become compulsory for the EU member states starting with 26 June 2017. Until ...

The Financial Investment Company (SIF) Oltenia recorded a net profit worth 74.3 million lei in 2017, declining by 26 percent compared to the net result recorded in 2016, namely 101.27 million lei, according to the preliminary financial data published by the Bucharest Stock Exchange (BVB).SIF Banat-Crisana (SIF1) recorded last year a net profit of 69.467 million lei, declining by 14.61 percent compared to the one recorded last year, according to the report ...

The Bucharest Stock Exchange (BVB) made a net profit of over 14.6 million lei in 2017, up 89 percent compared to 2016, BVB said in a release posted on its website."The preliminary net profit for 2017 reached 14.68 million lei (full-year 2016: 7.76 million lei), up 89 percent compared to the previous year, 88 percent of which was generated by the Group's trading segment, which increased from 6.61 million lei to 12.88 million lei. The preliminary profit attributable ...

Bavarian Finance Minister Markus Soeder on Wednesday rejected any expansion of the eurozone to include countries like Bulgaria and Romania, and said his conservative party also opposed euro bonds and creation of a European finance minister post, Reuters correspondent reports.
Soeder, slated to become premier of the prosperous German state, won applause from some 4,000 people at a political Ash Wednesday rally with his comments, noting that his ...

Romania’s Banca Transilvania [BSE: TLV] said on it Wednesday it is launching the mandatory public tender offer for the minority stake it does not already own in Victoriabank, Moldova’s third-largest lender, seenews.com informs.
"The mandatory public tender offer is targeted exclusively towards the minority shareholders of Victoriabank and it applies to the remaining 8.3 million shares, or 33.2% of total ordinary nominative shares with ...

Italian group UniCredit, which controls the fifth-biggest bank in Romania, recorded a 20% increase in net profit on the local market last year, to EUR 88 million, according to the group’s results, romania-insider.com informs.
The group’s loan portfolio in Romania increased by 10%, to EUR 5.7 billion, while the deposit base went up by 20%, to EUR 5.79 billion, ...

In its meeting of 7 February 2018, the Board of the National Bank of Romania decided:
to increase the monetary policy rate to 2.25 percent per annum from 2.00 percent per annum as of 8 February 2018;
to raise the deposit facility rate to 1.25 percent per annum from 1.00 percent per annum and the lending facility rate to 3.25 percent per annum from 3.00 percent per annum as of 8 February ...

All central banks in the European System of Central Banks (ESCB) are strongly committed to supporting and promoting adherence to the Foreign Exchange Global Code (the “Code”). Today, 7 of the ESCB central banks, including the National Bank of Romania, simultaneously issued Statements of Commitment to the Code. 15 of the ESCB central banks issued Statements of Commitment to the Code in November 2017.
The remaining ESCB central banks will do ...

The foreign currency market works as it should, and the exchange rate is where the market places it, said on Wednesday the governor of the National Bank of Romania, Mugur Isarescu saying that they could not keep an artificial rate as the bank would lose the foreign currency reserves.‘We can’t keep an artificial rate against the forces of the market. We cannot keep an artificial rate if the market is not in balance as we would lose the reserves. ...

Banca Transilvania is the only Romanian banking brand to be included in the Brand Finance Banking 500 ranking, business-review.eu informs. The total value of the main 500 banks include in the ranking increased by 10.2 percent up to USD 1.18 trillion.
Valued at USD 174 million, Banca Transilvania entered the Brand Finance Banking 500 on 486 and is ranked 142th among European banks. The inclusion of the bank in the ranking comes one year after ...

Moneycorp, the international expert in payments and foreign exchange, announces the appointment of Cosmin Bucur as general director of Moneycorp Romania, once with the end of Johan Gabriels mandate, after one year and a half since the Moneycorp has become operational in Romania, business-review.eu informs.
Nick Huslehurst, CFOO of Moneycorp group, said: “The opening of the subsidiary in Romania represented an important step in the ...

BRD [BSE:BRD], Romania's third-largest bank by assets, said on Thursday its consolidated net profit in 2017 increased 89.5% year-on-year, reaching 1.380 billion lei ($366 million/297 million euro), seenews.com informs.
Net profit growth last year was fuelled by strong core revenue and a positive cost of risk, BRD, part of France's Societe Generale, said in a statement filed with the Bucharest stock Exchange, BVB.
The ratio of ...

Javier Montes Pita, currently executive VP Retail Customers in ING Spain, has been appointed head of retail ING Romania, replacing Daniel Manibardo Llano, who has been appointed head of retail at ING DiBa in Germany, business-review.eu informs.
With an experience of 17 years in ING Group, Pita has been client intelligence manager at ING direct head office.
The vision of Daniel Llano influenced the approach of our ...

Intesa Sanpaolo Bank, the Romanian subsidiary of Intesa Sanpaolo, one of the most solid banks in the Euro Zone, has recorded an operating income of RON 154 million and a net profit of RON 43 million in 2017, three times higher than in 2016, business-review.eu informs.
The strategic market positioning of Intesa Sanpaolo Bank as fully specialized bank focused on the Corporate and SME business segments contributed to its overall performance last year. As ...

Romania's competition authority said on Tuesday it is considering the recently agreed deal for the acquisition of Greece's Eurobank Romanian units by Banca Transilvania , seenews.com informs
Banca Transilvania announced in November it has reached an agreement with Eurobank Ergasias for the takeover of the Greek bank's subsidiaries in Romania for an undisclosed sum.
"In order to determine the concentration compatible with a ...